The City of Calgary committed $36.3 million in grants to convert five more buildings downtown into residential towers, as part of its Downtown Calgary Development Incentive Program..“The estimated grant amounts are based on a rate of $75 per square foot of office space being converted to living space. Final amounts will be confirmed and disbursed at project completion," said the city..The buildings are the Taylor Building, 805 8 Ave. S.W., the Petro Fina Building 736 8 Ave. S.W., Eau Claire Place I 525 3 Ave. S.W., Eau Claire Place II 521 3 Ave. S.W. and The Loft 744 4 Ave. S.W..Approximately 475 residential units will be built, housing more than 1,000 people with almost half of the units in Petro Fina offered at below market rental rates..Three buildings — Taylor, Petro Fina and The Loft — are in the west end of downtown, says Sheryl McMullen, manager, Investment & Marketing for the City’s Downtown Strategy..“An area that has considerable vacancy and that's traditionally dominated by office buildings,” says McMullen, adding all five projects, “along with previously announced projects, will help transform the Downtown West and Eau Claire neighbourhoods into key destinations for Calgarians and visitors alike.”.The Downtown Calgary Development Incentive Program is an attempt to reduce the amount of vacant office space in the core and an effort to increase tax revenues in the area, with a commitment from the city of $450 million in grants over a 10-year period. Grants are available up to a maximum of $15 million per property under administration approval and any requests in excess of $15 million require council approval..The programs “include conversion projects for residential units, hotels, schools, performing arts spaces and demolition of buildings that are deemed to be end-of-life, according to the city. .“Conversions will encourage a more diverse mix of amenities and services downtown that will make downtown more attractive to live in and visit,” it says.
